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Mapletree Logistics Trust (MLT) revealed that it has acquired the requisite approval from JTC Corporation and the shareholders of CWT International relevant to its acquisition of a portfolio of five logistics properties in Singapore.
In July, MLT announced plans to acquire five modern, ramp-up logistics properties from CWT International for $730 million via a sale-and-leaseback deal.
The move is in line with its strategy to rejuvenate its portfolio with the addition of modern logistics facilities, it said.
Located in three key logistics clusters in western Singapore, the properties have a total gross floor area of 3.2 million sq ft and a weighted average age of 4.8 years.
It added that the acquisitions are subject to the requisite approvals from JTC and the shareholders of CWT International.
“In-principle approval from JTC for (a) the sale of the properties by the vendor group to MLT and (b) the lease of the properties on completion of the acquisitions by MLT (as landlord) to the respective vendor(s) (as tenant) for the master lease term(s) in relation to all the properties has been obtained, subject to the parties complying with the stipulated conditions therein,” said MLT’s manager in an SGX filing on Wednesday (26 Sept).
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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